Daily Energy Report
Crude oil futures for March 2021 settled up $1.21 @ $54.76/bbl, trading in a $1.81 range including the overnight. RBOB settled up 2.59/cpg and heating oil settled up 2.77/cpg.
Michigan’s environmental agency said this past Friday it has approved construction of an underground tunnel to house a replacement for a controversial oil pipeline in a channel linking two of the Great Lakes. The decision, a victory for Enbridge Inc., comes as the company resists D-Gov. Gretchen Whitmer’s demand to shut down its 68-year-old line in the Straits of Mackinac. Enbridge disputes her claim that the pipeline crossing the four-mile-wide waterway is unsafe. But Enbridge had earlier sought to ease public concern by striking a deal with Whitmer’s predecessor R-Rick Snyder in 2018, to run a new pipe through a tunnel to be drilled beneath the straits connecting Lake Huron and Lake Michigan.
Natural Gas Futures for March 2021 settled down $0.005 @ $2.845/mmbtu, trading in a .194-cent range including the overnight session.
Elon Musk’s SpaceX aims to use a site in South Texas to launch rockets to carry people and cargo to the moon and Mars. To do that, the company intends to drill gas wells to make its own fuel and electricity, according to an FAA document. Musk has long derided the oil industry, touting renewable energy and electric vehicles as the keys to averting a climate catastrophe. But the FAA document and SpaceX’s comments to Texas regulators show how, at least in the short term, some of his goals will depend on plans for fossil-fuel extraction that are already drawing criticism from environmental groups.
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